Anecdotal evidence from the earlier schemes would suggest that it was true.
I don't think that is the case now.
What are your chances? Well, have a go.
It is based on computer psych and skills testing (definitly) as well as some sort of practical tests (I think). You pay for the testing.
Do a search in Dunnunda and have a look. It has been done many times.
If you are successful you will have to pay for your training. You will not be guaranteed a job if you are slack etc. So, you still have to work very hard. Some courses have been told to go out into GA and get some experience to "grow up".
Not a bad thing in my opinion.